SRTY vs. TZA

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA).

SRTY and TZA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SRTY is a passively managed fund by ProShares that tracks the performance of the Russell 2000 Index (-300%). It was launched on Feb 11, 2010. TZA is a passively managed fund by Direxion that tracks the performance of the Russell 2000 Index (-300%). It was launched on Nov 5, 2008. Both SRTY and TZA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SRTY vs. TZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA). The values are adjusted to include any dividend payments, if applicable.

SRTY vs. TZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRTY ProShares UltraPro Short Russell2000	-5.72%	-40.55%	-32.91%	-42.02%	28.99%	-51.67%	-80.61%	-53.83%	23.37%	-38.31%
TZA Direxion Daily Small Cap Bear 3X Shares	-5.61%	-40.22%	-32.22%	-41.19%	30.21%	-50.80%	-80.43%	-53.25%	25.06%	-38.19%

Returns By Period

The year-to-date returns for both investments are quite close, with SRTY having a -5.72% return and TZA slightly higher at -5.61%. Both investments have delivered pretty close results over the past 10 years, with SRTY having a -41.91% annualized return and TZA not far ahead at -41.41%.

SRTY

• 1D: -10.37%
• 1M: 13.97%
• YTD: -5.72%
• 6M: -13.38%
• 1Y: -57.84%
• 3Y*: -37.50%
• 5Y*: -25.46%
• 10Y*: -41.91%

TZA

• 1D: -10.46%
• 1M: 13.79%
• YTD: -5.61%
• 6M: -13.23%
• 1Y: -57.70%
• 3Y*: -36.92%
• 5Y*: -24.70%
• 10Y*: -41.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SRTY vs. TZA - Expense Ratio Comparison

SRTY has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.

TZA

Direxion Daily Small Cap Bear 3X Shares

SRTY

ProShares UltraPro Short Russell2000

Return for Risk

SRTY vs. TZA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRTY

SRTY Risk / Return Rank: 2
SRTY Sharpe Ratio Rank: 1
SRTY Sortino Ratio Rank: 1
SRTY Omega Ratio Rank: 1
SRTY Calmar Ratio Rank: 1
SRTY Martin Ratio Rank: 5

TZA

TZA Risk / Return Rank: 2
TZA Sharpe Ratio Rank: 1
TZA Sortino Ratio Rank: 1
TZA Omega Ratio Rank: 1
TZA Calmar Ratio Rank: 2
TZA Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SRTY vs. TZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SRTY	TZA	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-0.83	0.00
Sortino ratio Return per unit of downside risk	-1.21	-1.20	-0.01
Omega ratio Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio Return relative to maximum drawdown	-0.75	-0.75	0.00
Martin ratio Return relative to average drawdown	-0.94	-0.93	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRTY vs. TZA - Sharpe Ratio Comparison

The current SRTY Sharpe Ratio is -0.84, which is comparable to the TZA Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of SRTY and TZA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SRTY	TZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.83	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	-0.37	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	-0.60	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.70	+0.03

Correlation

The correlation between SRTY and TZA is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SRTY vs. TZA - Dividend Comparison

SRTY's dividend yield for the trailing twelve months is around 5.80%, more than TZA's 3.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRTY ProShares UltraPro Short Russell2000	5.80%	6.87%	9.40%	4.93%	0.17%	0.00%	0.95%	2.13%	0.70%	0.04%
TZA Direxion Daily Small Cap Bear 3X Shares	3.04%	5.08%	5.40%	5.49%	0.00%	0.00%	1.21%	1.56%	0.63%	0.00%

Drawdowns

SRTY vs. TZA - Drawdown Comparison

The maximum SRTY drawdown since its inception was -99.99%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SRTY and TZA.

Drawdown Indicators

	SRTY	TZA	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-100.00%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-76.28%	-76.19%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-88.24%	-87.77%	-0.47%
Max Drawdown (10Y) Largest decline over 10 years	-99.67%	-99.64%	-0.03%
Current Drawdown Current decline from peak	-99.99%	-100.00%	+0.01%
Average Drawdown Average peak-to-trough decline	-93.71%	-97.98%	+4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.09%	61.07%	+0.02%

Volatility

SRTY vs. TZA - Volatility Comparison

ProShares UltraPro Short Russell2000 (SRTY) and Direxion Daily Small Cap Bear 3X Shares (TZA) have volatilities of 22.45% and 22.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRTY	TZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.45%	22.59%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	43.37%	43.38%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	69.30%	69.32%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.50%	67.53%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.22%	68.79%	-0.57%